We Bought a Business That Pays Us $200k/Year (Here's How We Did It) (Part 1/2)
About this episode
Joy Owens shares her experience of buying a travel agency with no prior business experience and the lessons learned during the process.
#893 From teacher to travel agency owner — with zero business experience and only 10% down! In part 1 of this two-part episode, Joy Owens joins host Brien Gearin to share exactly how she and her husband bought a multi-million dollar travel agency with no prior business experience, no industry background, and an SBA loan that almost didn't happen. Joy breaks down how the opportunity fell into her lap through a family connection, how she negotiated the purchase price down to a 2.1x net multiple, and why starting the SBA loan process early (with a letter of intent) was critical. She also opens up about the due diligence lessons she learned the hard way — from decoding P&Ls to securing a key employee who was on the verge of quitting — and how she set the business up to run smoothly from day one! What we discuss with Joy: + Bought a business with 10% down + Zero prior business experience + SBA loan process took 4+ months + Negotiated price down to 2.1x net + No broker — direct seller negotiation + Key employee nearly quit before sale + Clients were all referral-based + Due diligence revealed no written contracts + Switched to shared inbox and Monday.com + Owner allowed rare…
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